USD/CHF Daily Analysis
USD/CHF’s rise continues today and there is no sign of topping after breaking the 261.8% projection of 0.9149 to 0.9459 from 0.9193 at 1.0005. Intraday bias stays on the upside and a further rally would be seen to the next medium-term projection level at 1.0306. On the downside, considering the bearish divergence condition in 4-hour MACD, a break of 0.9871 support will indicate short-term topping and turn bias to the downside for a pullback.
In the bigger picture, the downtrend from 1.0342 (2016 high) should have been completed with three waves down to 0.8756 (2021 low) already. The rise from 0.8756 is likely a medium-term uptrend of its own. Next target is 161.8% projection of 0.8756 to 0.9471 from 0.9149 at 1.0306, which is close to 1.0342 (2016 high). This will remain the favored case as long as 0.9459 resistance turned support holds.
